State-run GIC Re saw its net profit nearly double to ₹1,197.41 crore in the fourth quarter of 2019-20 as against ₹603.37 crore in the same period a year ago.

In the January to March 2020 quarter, gross premium increased nearly 14 per cent to ₹9,217.84 crore as against ₹8,089.35 crore a year ago.

GIC had an underwriting loss of ₹463.58 crore in the fourth quarter last fiscal versus an underwriting profit of ₹101.16 crore a year ago.

However, in fiscal year 2019-20, it registered a net loss of ₹359.09 crore compared to a net profit of ₹2,224.31 crore in 2018-19.

Devesh Srivastava, Chairman and Managing Director, GIC Re, said: “Fiscal 2020 has seen the insurance industry register severe claims world-wide as well as in India. The explosion of the Covid-19 pandemic has aggravated the situation leading to an impact on the financial markets and the economy in general.”

He noted that the strong performance in the fourth quarter has offset a large proportion of the losses incurred in the first three quarters of 2019-20.

GIC’s solvency ratio stood at 1.53 as on March 31, 2020.